A key element of the new proposals include the construction of a 50m swimming pool and new library.
The plans, which will be funded by the university and alumni donations, also include extending student accommodation and staff car parking.
Zena Wooldridge, the university’s director of sport, said: “Birmingham is a city with a proud sporting heritage and sport plays a huge part in the life of our campus.
“In less than a year the city will be hosting the Jamaican and US Olympic teams for their pre-London 2012 training campus and athletes from Birmingham will be starring at the London games.
“Although the new centre will not be open for 2012, we believe it will provide fitting facilities for the UK’s second ranked sporting university and a perfect base to train and develop future Olympians.”
The University has appointed a team of Lifschutz Davidson Sandilands and S&P to oversee the development of its plans.
The new library will provide modern facilities for students and researchers, as well as an open access cultural hub for the University and the city, with services available to the public.
Detailed consultation withy the public are due to start this autumn.
Director of Estates Ian Barker said: “Although we are very proud of the Edgbaston campus these are significant and exciting projects that will benefit students, staff and the local area. The University was founded to be an asset for the city and these plans have that aim in mind.
“For that reason, a number of developments, like the proposed new sports centre, swimming pool and the cultural hub, focus on facilities that will benefit the community as well as staff and students.
“We also hope that extending student accommodation and staff car parking on campus will relieve pressure on Selly Oak. Our plans also envisage a reduction in the University’s environmental impact and carbon footprint.”